The Rhode Island State Pension (RISP) approved $43M in total commitments to a private infrastructure strategy from French manager Meridiam and is likely to replace Western Asset Management (WAM) as manager of its $500M long Treasury portfolio.
In a staff memo from its October 2024 State Investment Commission meeting, RISP said it approved a $40M allocation from the Rhode Island Employees Retirement Systems Pooled Trust to Meridiam Infrastructure North America IV (MINA IV). It also approved a $3M allocation from the Rhode Island OPEB System Trust to the infrastructure fund.
Meridiam Infrastructure North America IV is a built-to-core strategy with the goal of designing, building, financing, operating, and maintaining infrastructure assets in North America employing a whole-of-life approach. The fund life is set as 25 years with the opportunity for a 15-year extension.
Meanwhile, RISP became the latest asset owner publicly considering a move away from Western Asset Management since co-CIO Ken Leech’s leave of absence amidst an SEC investigation. In a separate memo included in the meeting materials, the state’s treasurer is recommending that RISP shift its $500M long Treasury portfolio, currently actively managed by WAM, to a passive strategy managed by Russell Investments.
According to Dakota data, the Rhode Island State Pension has $11B in managed assets.
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